What is the role of a credit bureau?

A credit bureau refers to an organization that collects information related to credit for individuals and sells the information to creditors for informing lending decisions. Credit bureaus are specific organizations that partner with all types of lending intuitions and creditors to help them in their lending decisions.

What are the major credit bureaus in the US?

There are three major credit bureaus in the United States: Equifax, Experian, and TransUnion. 1 Equifax, for example, collects information from credit card companies, lenders, and collection agencies. The bureau also checks public records for actions like bankruptcy and foreclosure.

What information do credit bureaus collect?

All three credit bureaus collect the same type of information about consumers. This includes personal data, such as name, address, Social Security number, and date of birth. It also includes credit history, including debts, payment history, and credit application activity.